LIMRA: U.S. Individual Life Insurance Sales Post Double-Digit Premium and Policy Sales Growth in the Third Quarter

WINDSOR, Conn., Nov. 13, 2025 — Total new annualized premium increased 16% year over year to $4.3 billion in the third quarter, according to LIMRA’s preliminary individual life insurance sales results, which represent 80% of the U.S. market. The number of policies sold rose 10% in the third quarter.

In the first nine months of 2025, new annualized premium totaled $12.8 billion, up 13% over the prior year. Policy count rose 6% year to date (YTD).

“It was another strong quarter for individual life insurance sales. All product lines except for fixed universal life recorded positive premium and policy sales growth. Importantly, the growth was widespread with two-thirds of participating carriers reporting premium growth and more than half posting higher policy sales year over year,” said Sean Grindall, senior vice president and head of Life & Annuities, LIMRA and LOMA. “LIMRA expects this sales trend to continue through the end of 2025 with sales growth moderating over the next few years.”

Whole Life
For the fourth consecutive quarter, whole life (WL) sales posted positive growth. WL new premium totaled $1.5 billion in the third quarter, 12% above the prior year’s results. The number of WL policies sold surged 18% in the quarter, marking the biggest growth in since at least 1990.

“Final expense and other smaller-face whole life policies continue to drive overall WL sales growth — both in premium and policy count,” said Karen Terry, corporate vice president and head of LIMRA Insurance Research. “Half of the WL carriers and most of the top ten reported gains in the third quarter. Historically, we see consumers gravitate toward WL products when facing uncertain economic conditions. We expect sales to remain positive through 2025 and 2026.”

YTD, WL new premium climbed 6% to $4.6 billion, compared with the prior year’s results. Policy count grew 11% year over year. WL new premium represented 36% of the total life insurance market in the first nine months of 2025.

Variable Universal Life
Variable universal life (VUL) new premium surged 46% to $751 million in the third quarter, driving overall premium growth. The number of policies sold grew 6% in the quarter. Less than half of the VUL writers reported sales gains in the third quarter, but this includes eight of the top 10 carriers, which represent 90% of the new annualized premium collected.

VUL new premium totaled $1.9 billion in the first months of 2025, up 35% year over year and policy count improved 5%. In the first three quarters of 2025, VUL held 15% of the total U.S. individual life insurance market.

Term Life Insurance
Term life new premium totaled $754 million, 4% above third quarter 2024 results. Policy count increased 4% in the quarter. Several carriers attribute their growth to rising consumer interest, underwriting automation and expanded distribution.

In the first nine months of 2025, term new premium increased 2% year over year to $2.3 billion. The number of policies sold grew 1% over the same period in 2024. Term life new premium represented 18% of total sales YTD.

Indexed Universal Life
In the third quarter, indexed universal life (IUL) new premium was just over $1 billion. Nine of the top ten IUL writers reported growth, citing expanded distribution, enhanced products, and a strong equity market. Policy count improved 8% in the third quarter.

YTD, IUL new premium reached a record high $3.2 billion, 20% higher than the prior year’s results. IUL policy count increased 6% in the first nine months of 2025. IUL new premium represented 25% of the total U.S. life insurance market in the first three quarters of 2025.

Fixed Universal Life
Fixed universal life (fixed UL) sales fell for the fourth consecutive quarter. New fixed UL premium dropped 2% in the third quarter to $249 million. Policy count slipped 1% from the third quarter of 2024 results.

In the first nine months of the year, fixed UL new premium was $732 million, 4% lower than the prior year’s results and policy count contracted 6%. Fixed UL new premium held 6% of the U.S. life insurance market in the first nine months of 2025.

For more details on the sales results, go to Life Insurance Sales Growth Rates (2025 Third Quarter) in LIMRA’s Fact Tank.

LIMRA’s Retail Individual Life Insurance Sales Survey represents 80% of the U.S. life insurance market. With more than 100 years of expertise, LIMRA conducts over 80 benchmark studies — producing nearly 500 reports annually — for our members and the industry as a whole. These studies provide trusted insights and a comprehensive understanding of market dynamics, trends, and behaviors.

-end-

About LIMRA
Serving the industry since 1916, LIMRA offers industry knowledge, insights, connections, and solutions to help more than 700 member organizations navigate change with confidence. Visit LIMRA at www.limra.com.